The Delphi judge is working hard to get the GM parts maker out of bankruptcy by using a process similar to GM and Chrysler.
First, Delphi is terminating its pension plan and dumping it into the Federally run Pension Guaranty Corporation. That means lower pension payment for existing retirees and possibly some government funding in the future.
The other big item is the judge told the Michigan Workers Compensation fund to go pound sand. The fund is owed $120 million for past claims and a $24 million annual premium payment. The State of Michigan is broke. Most likely way to deal with this is to raise insurance premiums on all other Michigan employers, which means even more businesses will flee Michigan.
About 1000 fired employees with get 75% of their severance.
Not to worry – everything is under control.